Property developers sold 1,252 new private homes in October, more than double the 509 sold the previous month and the highest since July 2015, when 1,655 units were sold.
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More than half of the units sold in October were from two new projects – Forest Woods in Serangoon, where 364 units were sold, and The Alps Residences in Tampines, where 334 units were sold.

Including executive condominiums, developers sold 1,540 units in October, up from 769 in September.

A total of 1,467 new private homes were launched last month, triple the 479 units launched in September. The bulk of the new units, or 1,145 homes, were at Forest Woods and The Alps Residences.

Source : Channel NewsAsia – 15 Nov 2016

]]>http://www.lushhomemedia.com/manage_posts/2016/12/01/new-condo-sales-surge-to-15-month-high-in-october/feed/0Application for Fresh Start Housing Scheme openshttp://www.lushhomemedia.com/manage_posts/2016/12/01/application-for-fresh-start-housing-scheme-opens/
http://www.lushhomemedia.com/manage_posts/2016/12/01/application-for-fresh-start-housing-scheme-opens/#commentsThu, 01 Dec 2016 06:09:37 +0000luxuryasiahomehttp://www.lushhomemedia.com/manage_posts/?p=66199Continue reading →]]>The Fresh Start Housing Scheme – which aims to help second-timer families in rental flats buy a home – on Thursday (Dec 1) opened for applications, the Ministry of National Development (MND) and the Housing Development Board (HDB) announced in a joint media release.

Under the scheme, families who qualify will be able to by a new 2-room Flexi flat. The flats will come with shorter leases, ranging from 45 to 65 years, to keep the price affordable, and will also come with a longer Minimum Occupation Period of 20 years, to ensure a stable home for the children.

In a blogpost on Thursday, Minister for National Development Lawrence Wong said that the Ministry of Social and Family Development (MSF) and HDB will assess the readiness of families who apply, and check in with families who are on the scheme to ensure they remain on track.

“We are starting with a more targeted approach. So the number of Fresh Start families may not be large to begin with,” Mr Wong said.

“But we will keep the scheme open, and families who are keen but do not qualify on their first attempt can apply again when they are more ready. Meanwhile, I encourage them to persevere toward home ownership and seek help to improve their situation,” he added.

Mr Wong also appointed a Fresh Start Advisory Committee, chaired by Dr Mohamad Maliki Osman, Senior Minister of State for Ministry of Defence & Ministry of Foreign Affairs, to support outreach effort and provide guidance on implementation of the scheme.

Dr Maliki was Minister of State at MND when the scheme was initiated and his experience will help to ensure its smooth implementation, the release said.

Interested families need to apply and be placed on the Fresh Start Housing Scheme before they can proceed to apply for a 2-room Flexi flat in HDB’s sales exercises.

To apply for the scheme and to check the eligibility criteria, families may refer to the HDB InfoWEB.

Source: Channel NewsAsia – 1 Dec 2016

]]>http://www.lushhomemedia.com/manage_posts/2016/12/01/application-for-fresh-start-housing-scheme-opens/feed/0HDB flat owners to pay less property tax next yearhttp://www.lushhomemedia.com/manage_posts/2016/12/01/hdb-flat-owners-to-pay-less-property-tax-next-year/
http://www.lushhomemedia.com/manage_posts/2016/12/01/hdb-flat-owners-to-pay-less-property-tax-next-year/#commentsThu, 01 Dec 2016 06:06:02 +0000luxuryasiahomehttp://www.lushhomemedia.com/manage_posts/?p=66200Continue reading →]]>Amid a slowing rental market, all HDB flat owners will pay lower or no property tax next year, according to figures released by the Inland Revenue Authority of Singapore (IRAS) on Monday (Nov 28).

Flat owners will see tax savings of between 13.1 and 51 per cent for 2017, with three-room flats getting the biggest cuts. One- and two-room flat owners, as well as some three-room flat owners, will continue to be exempt from property tax.

Three-room flat owners will pay a maximum of S$18.40, down from S$37.60 this year. Those with four-room flats will pay between S$52 and S$100, down from S$71.20 to S$119.20; five-room flats will pay S$83.20 to S$131.20, down from S$104.80 to S$152.80; and executive flats will pay $95.20 to S$143.20, down from S$116.80 to S$164.80.

Almost all private residential property owners will see lower or no change in their property tax, IRAS said.

All home owners will receive their property tax bills by the end of December, and will have to pay their tax for 2017 by the end of January next year, the authority said.

IRAS reviews the annual values of properties each year so that they reflect prevailing market rentals. Property tax is computed by multiplying the annual value of the property with tax rates for residential units.

Property tax is a tax on property ownership and is payable on all properties regardless of whether it is rented out, owner-occupied, or left vacant.

Home owners with financial difficulties can approach IRAS for assistance to discuss a payment plan before Jan 31 next year. Payment plans may include deferment of payment and scheduled instalments.

Those who fail to pay or have not arranged to pay their tax by the due date will face a 5 per cent penalty, IRAS said.

It said in a press release that 90 percent of the approximately 174,730 sq ft of lettable area has been taken up by about 100 retail as well as food and beverage (F&B) tenants.

There are five anchor tenants – NTUC FairPrice, PCF Sparkletots Preschool, Amore Fitness and Boutique Spa, Kopitiam and Best Denki.

The mall along Petir Road, which is slated to open in the first quarter of 2017, is part of Bukit Panjang’s upcoming integrated transport hub. The Land Transport Authority (LTA) had announced that the hub will seamlessly connect the existing Bukit Panjang LRT station and the future Bukit Panjang MRT station with retail, F&B and residential developments at the same site.

Basement 2 of Hillion Mall will be directly linked to the MRT station via an underpass, said Sim Lian Group.

Above the mall is the 546-unit Hillion Residences. It is expected to receive its Temporary Occupation Permit (TOP) by September 2018.

This is Sim Lian Group’s first mixed-use development in Singapore. When complete, the mall will serve more than 220,000 residents and 760,000 commuters, it said.

Source: Channel NewsAsia – 25 Nov 2016

]]>http://www.lushhomemedia.com/manage_posts/2016/12/01/90-of-retail-space-at-upcoming-bukit-panjang-mall-taken-up/feed/0Ascott launches new brand targeted at millennial travellershttp://www.lushhomemedia.com/manage_posts/2016/12/01/ascott-launches-new-brand-targeted-at-millennial-travellers/
http://www.lushhomemedia.com/manage_posts/2016/12/01/ascott-launches-new-brand-targeted-at-millennial-travellers/#commentsThu, 01 Dec 2016 05:59:12 +0000luxuryasiahomehttp://www.lushhomemedia.com/manage_posts/?p=66201Continue reading →]]>Serviced residence operator Ascott has unveiled its newest accommodation concept, Lyf, which is “designed for and managed by millennials who wish to experience destinations as locals do”, it announced on Thursday (Nov 24).

In a press release, Ascott said the properties will be designed to facilitate interaction between guests, with communal spaces and co-working areas that can be easily transformed into zones for workshops or social gatherings.

“Each Lyf properly has its own unique personality with fun and quirky design elements”, it said, adding that interactive digital art pieces or giant ball pits may be incorporated “for the kids amongst us”.

Ascott said millennials already form a quarter of its customers and it expects this segment to grow exponentially. Said Ascott’s chief executive officer Lee Chee Koon: “Lyf is a unique accommodation tailored for this demographic, including technopreneurs, start-ups and individuals from music, media and fashion.”

Millennials are defined as those aged 18 to 34, according to Pew research published in 2016. However, Ascott said the brand does not define millennials by age, but as “a social generation who crave discoveries and desire to be part of a community.”

The properties will be managed by “Lyf Guards” – millennials who may be residents themselves, but also perform the role of community manager, city and food guide, as well as bar keeper, explained Ascott.

Ascott said it aims to have 10,000 units under the Lyf brand globally by 2020, adding that it is looking out for sites in Australia, France, Germany, Indonesia, Japan, Malaysia, Singapore, Thailand and the United Kingdom.

It said the types of accommodation will include studio apartments and twin rooms with a shared kitchen.

Source: Channel NewsAsia – 24 Nov 2016

]]>http://www.lushhomemedia.com/manage_posts/2016/12/01/ascott-launches-new-brand-targeted-at-millennial-travellers/feed/0HDB enhances funding for inventors looking to improve public housinghttp://www.lushhomemedia.com/manage_posts/2016/12/01/hdb-enhances-funding-for-inventors-looking-to-improve-public-housing/
http://www.lushhomemedia.com/manage_posts/2016/12/01/hdb-enhances-funding-for-inventors-looking-to-improve-public-housing/#commentsThu, 01 Dec 2016 05:15:52 +0000luxuryasiahomehttp://www.lushhomemedia.com/manage_posts/?p=66215Continue reading →]]>The Housing and Development Board (HDB) on Saturday (Nov 19) enhanced its Cool Ideas Fund to provide more financial support for inventors seeking to improve living environment for public housing.

In the past, applicants had to match dollar for dollar the funding disbursed, up to S$10,000. This is no longer a requirement as they can just apply for a grant of up to $10,000 to turn their ideas into reality, HDB said.

The fund was introduced in 2014 with S$600,000 to help inventors transform their prototypes into workable ones for testbedding in HDB housing estates. The initiative seeks to tap the creativity of Singaporeans to solve problems in their communities and strengthen the sense of ownership in their homes.

To date, HDB has received three applications for the fund and is reviewing them. No funding has been disbursed yet.

The enhancement was announced by National Development Minister Lawrence Wong on Saturday at the launch of the Cool Ideas for Better HDB Living exhibition at the HDB HUB Atrium.

Mr Wong added that HDB has partnered eight industry experts to mentor aspiring inventors, and these include Microsoft Singapore and 3M Singapore.

Source : Channel NewsAsia – 18 Nov 2016

]]>http://www.lushhomemedia.com/manage_posts/2016/12/01/hdb-enhances-funding-for-inventors-looking-to-improve-public-housing/feed/0More than 10,000 flats launched in largest HDB sales exercise this yearhttp://www.lushhomemedia.com/manage_posts/2016/12/01/more-than-10000-flats-launched-in-largest-hdb-sales-exercise-this-year/
http://www.lushhomemedia.com/manage_posts/2016/12/01/more-than-10000-flats-launched-in-largest-hdb-sales-exercise-this-year/#commentsThu, 01 Dec 2016 05:12:39 +0000luxuryasiahomehttp://www.lushhomemedia.com/manage_posts/?p=66209Continue reading →]]>More than 10,000 flats were launched for sale on Tuesday (Nov 22) in the Housing & Development Board’s (HDB) largest sales exercise this year.

A total of 10,118 flats were offered, comprising 5,110 Build-To-Order (BTO) units and 5,008 units under the Sale of Balance Flats (SBF) exercise, the HDB said.

Nine new BTO projects were launched – three in Punggol and another six in Bedok, Bidadari (Toa Payoh) and Kallang/Whampoa.

The flats are priced from S$80,000, excluding grants, for a two-room Flexi flat in Punggol to S$503,000, excluding grants, for a five-room flat in Bedok.

The SBF units were launched in 11 non-mature towns and 14 mature towns and estates, and are priced from S$75,000, excluding grants, for a two-room Flexi unit in a non-mature town to S$525,000 for an executive flat in a mature town.

With this launch, a total of 28,069 new flats have been released for sale this year, comprising 17,891 BTO units and 10,178 SBF units.

In a Facebook post on Tuesday, National Development Minister Lawrence Wong said he expects flats in Bedok, Bidadari and Kallang/Whampoa to be in greater demand, with application numbers for those mature areas likely to exceed the units available.

“So I encourage those who need flats more urgently to consider non-mature estates, where the chances of getting a flat are much higher,” he wrote.

Mr Wong said that his ministry has been trying its best to provide more options for home-buyers.

Giving his analysis, key executive officer of PropNex Realty, Mr Lim Yong Hock, said the subscription rates for units in mature estates are expected to be between four and eight times, while “the non-mature estates are likely to have a subscription rate of one to three times”.

Mr Lim also predicted that the average subscription rate for this sales exercise would be three to five times, due to flats in more mature estates being released. This is compared to falling overall subscription rates this year, “from 4.7 in February to 3.7 in May and 2.3 in August”.

Applications for the flats can be submitted online at HDB’s InfoWEB from Nov 22 to 28, or at HDB Hub and any of HDB’s branches.

The HDB will conduct its next BTO launch in February next year, offering 4,100 flats in Clementi, Punggol, Tampines and Woodlands. More information on this can also be found on its website, it added.

Source: Channel NewsAsia – 22 Nov 2016

]]>http://www.lushhomemedia.com/manage_posts/2016/12/01/more-than-10000-flats-launched-in-largest-hdb-sales-exercise-this-year/feed/0North-South Corridor’s impact on Ellison Building can be reduced: MNDhttp://www.lushhomemedia.com/manage_posts/2016/11/09/north-south-corridors-impact-on-ellison-building-can-be-reduced-mnd/
http://www.lushhomemedia.com/manage_posts/2016/11/09/north-south-corridors-impact-on-ellison-building-can-be-reduced-mnd/#commentsWed, 09 Nov 2016 04:56:58 +0000luxuryasiahomehttp://www.lushhomemedia.com/manage_posts/?p=66127Continue reading →]]>The impact of the North-South Corridor (NSC)’s construction on the 92-year-old Ellison Building can “be reduced to one corner shophouse unit, instead of a larger portion of the building”, said Senior Minister of State for National Development Desmond Lee in Parliament on Tuesday (Nov 8), citing recently concluded engineering studies.

A prior assessment had stated that three units of the conserved structure on the edge of Selegie Road will have to be torn down to facilitate works on the NSC. These will be reconstructed and reinstated once the NSC is completed in 2026.

Responding to Nominated Member of Parliament Kok Heng Leun’s question, Mr Lee said that the original alignment for the NSC would have impacted even more buildings, including Rex Cinema on Mackenzie Road, and several of the shophouse units at Ellison Building.

“Nevertheless, we recognised the heritage value of Rex Cinema and Ellison Building. Hence, agencies were committed to carry out detailed engineering studies to further minimise the impact on these buildings. On that basis, the Urban Redevelopment Authority (URA) proceeded to gazette the two buildings for conservation in 2008,” said Mr Lee, adding that the Land Transport Authority (LTA) and the URA eventually managed to develop a solution for the NSC to avoid Rex Cinemas completely.

When completed, the 21km North-South Corridor will connect the residential estates in the North such as Woodlands, Sembawang, Yishun, Ang Mo Kio, Bishan and Toa Payoh to the city centre. It will incorporate bus lanes, cycling trunk routes and an expressway that runs elevated as well as underground.

‘CHALLENGING ENGINEERING TASK’

Mr Kok also wanted to know why the decision made by the authorities regarding Ellison Building is the “best option”, and whether they have consulted with stakeholders and considered mitigation measures.

In response, Mr Lee explained that space is “extremely tight” in the segment of the NSC leading into the city centre.

“On the one side of Bukit Timah Road is the underground Rochor Canal. This is an important drainage facility to ensure that low-lying areas in the city can cope with intense periods of rainfall. The North-East MRT Line (NEL) cuts across Bukit Timah Road, while the Downtown MRT Line (DTL) runs beneath Bukit Timah Road. This means that the NSC tunnels must run in between the foundations of existing buildings along both sides of Bukit Timah Road, the underground Rochor Canal as well as the NEL and DTL stations and tunnels,” he said.

Mr Lee added that the project is a “challenging engineering task” as sufficient clearance distance must be allowed between the NSC tunnels and surrounding underground structures for safety reasons.

“The NSC tunnel also cannot be lowered further into the ground to avoid these underground infrastructures, as doing so will require extensive ramps and portal structures to connect the NSC carriageway with surface streets which will affect the nearby MRT stations and impact other buildings. Given these constraints, LTA has worked out the best possible alignment for the NSC tunnel under the circumstances,” said Mr Lee.

Following an earlier pre-tender exercise, the Government will engage a conservation specialist to provide advice on how to better protect Ellison Building, said Mr Lee, adding that this consultant will explore various mitigating measures in detail.

He also noted that the Government has held two rounds of discussion with heritage groups, to get their views on how to better protect the Ellison Building during the construction process.

“URA and LTA will continue to work closely with the heritage groups on the construction methods to protect Ellison Building, as well as the measures that should be taken to preserve the heritage and history of the site. The Government will finalise its implementation plans after these discussions,” said Mr Lee.

On a month-on-month basis, HDB resale prices in mature and non-mature estates both decreased by 0.1 per cent in October. Compared to a year ago, prices were down 0.5 per cent, SRX Property said.

Resale prices of three-room and executive flats led the rise, increasing by 0.6 and 0.8 per cent, respectively. In contrast, the resale prices of five-room flats fell by 0.9 per cent while four-room flats remained the same.

A total of 1,673 HDB flats were sold last month, more than the 1,666 units transacted in September this year. However, this was 73 units fewer than the number sold in the same period a year ago, according to the flash estimates.

The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property’s estimated market value, was zero in October. It decreased by S$2,000 compared to the figure in September.

For HDB towns with more than 10 resale transactions, Toa Payoh posted the highest median TOX of S$8,000, followed by Bedok with S$6,500. The lowest median TOX was in Geylang at -S$8,000, followed by Bishan at -S$6,500.

Source : Channel NewsAsia – 3 Nov 2016

]]>http://www.lushhomemedia.com/manage_posts/2016/11/07/hdb-resale-prices-dip-0-1-in-october-property-index/feed/0Toys “R” Us plans to open 2 more stores in Singaporehttp://www.lushhomemedia.com/manage_posts/2016/11/07/toys-r-us-plans-to-open-2-more-stores-in-singapore/
http://www.lushhomemedia.com/manage_posts/2016/11/07/toys-r-us-plans-to-open-2-more-stores-in-singapore/#commentsMon, 07 Nov 2016 08:25:13 +0000luxuryasiahomehttp://www.lushhomemedia.com/manage_posts/?p=66070Continue reading →]]>Unfazed by the sluggish local retail conditions, Toys “R” Us is expanding its foothold in Singapore, with plans to unveil two more stores in the coming months.

One will be slated for opening before Christmas and another by early-2017, country manager Raymond Burt told Channel NewsAsia on Wednesday (Nov 2) at the launch of its newly-refurbished flagship store at VivoCity. That will bring the number of stores the American toy retailer has in Singapore to 11.

With the new stores, there will be around 60 positions to be filled, including full-time and part-time sales positions, as well as management-level posts, added Mr Burt who oversees Toys “R” Us operations in Singapore and Brunei.

However, he declined to reveal further details about the location and size of the new stores, as well as the amount which Toys “R” Us is investing. Channel NewsAsia understands that the VivoCity store, which is 30,000 square feet, will remain the retailer’s biggest store in Singapore.

According to APAC president Andre Javes, the company, which first ventured into Singapore in 1984, has “no issues” in putting in further investments in the local market despite a deteriorating retail outlook and growing concerns over the economy.

“We will continue to grow here as we still see Singapore as a growth market,” Mr Javes, who is usually based in Hong Kong, said. “We don’t want to make decisions just based on the current economic situation which is tough… but this market has been a good one for the past 32 years and we have no issues investing more.”

In fact, Mr Javes said he is “quite optimistic” about sales over the coming years, citing the release of new Hollywood blockbuster movies that will likely add additional push in toy sales.

In addition, the toy market is usually “recession-proof” with demand for certain categories such as educational toys holding up, especially during festive seasons like Christmas, he added.

STAYING IN THE GAME

In its home market, the conventional retail chain has come under pressure from other retailers, such as Wal-Mart, that sell toys, as well as the rise of online platforms including Amazon. A sign of its struggles, Toys “R” Us shuttered its iconic 110,000 square feet flagship store at Times Square in New York last year.

In Singapore where e-commerce has rapidly taken off and given other retailers a run for their money, Mr Burt told Channel NewsAsia that Toys “R” Us has seen less of an impact thus far. Nonetheless, it is stepping up its game by rejuvenating its store experiences with interactive setups and attention-grabbing displays.

Its stores at VivoCity and Paragon have an interactive wall which allows customers to browse through product catalogues or take a photo with. At the revamped VivoCity store, an experiential area comes with three digital screens showing videos about the latest toys. The LEGO section, which is the largest across all Toys “R” Us stores in Southeast Asia, has multiple tables for children to play around.

Meanwhile, it also has an e-shopping platform and offers delivery services for online purchases.

“While we haven’t noticed much (impact), it’s something that has made us challenge our own model… we have to evolve to this new environment,” Mr Burt said. “Over the years, we have stepped up on the activities for interaction in our stores so this is one of our key recipes to success in this omni-channel world. Meanwhile, (online) is part of our business, rather than a new competitor.”

Beyond Singapore, Mr Javes told Channel NewsAsia that there is no slowing down in expansion plans either, with China, Australia and Japan as the company’s key focus.

“In the Greater China region and Southeast Asia, we will be opening around 43 stores this year and we will continue on this path in 2017,” he said.

But Toys “R” Us is taking on a different strategy in this part of the world. Instead of sprawling stores, the trick to success in Asia lies more in the store’s location given the differences in consumer activities.

“In our traditional Western markets, we usually have standalone stores that are double the size of this one in VivoCity where people can drive to on the weekends. But in Asia, we are looking at smaller stores at more convenient locations such as malls where people usually visit on the weekends,” Mr Javes said.